Choo Kyung-ho: "Improving 23 Fees... Removing Limits on Exporting SMEs' Funding Support Frequency"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 17th, "We will rationally reform the burden charge system in accordance with changes in the economic and social structure to enhance economic vitality."

In his opening remarks at the 'Emergency Economic Ministers' Meeting and Export Investment Measures Meeting' held at the Government Seoul Office Building that morning, Deputy Prime Minister Choo said, "Currently, a total of 90 burden charges are imposed out of habit, and 74% of these charges have been in place for more than 20 years," emphasizing the need for reform.

He explained, "First, we will exempt school site charges for small-sized houses and expand the exemption for departure charges, which are paid at 10,000 won when departing through airports, from children under 2 years old to those under 6 years old."

He also announced the introduction of a 'Burden Charge Impact Assessment.' Deputy Prime Minister Choo said, "We will strictly review the establishment of new burden charges and strengthen the evaluation of existing charges through in-depth reassessment, as well as consider integration or abolition through retention evaluations when necessary. We will promote amendments to the 'Basic Act on Burden Charge Management' in this direction."

He added, "Since burden charges impose a significant burden on the public, we will ensure fairness and transparency in their operation and manage them more thoroughly."

Deputy Prime Minister for Economic Affairs Choo Kyung-ho is delivering opening remarks at the Ministerial Meeting on External Economic Affairs held at the Government Seoul Office in Jongno-gu, Seoul, on the 8th. Photo by Dongju Yoon doso7@

Focus areas for export expansion will be strengthened, including small and medium-sized enterprises (SMEs), displays, and blue food (marine products).

Deputy Prime Minister Choo stated, "Exports by SMEs have been declining recently due to sluggish exports to China and other factors. We plan to prepare additional tailored export support measures focusing on financial and infrastructure support." For SMEs with excellent export performance, the limitation on the number of times they can receive policy funds from the Small and Medium Business Corporation will be temporarily lifted until next year to allow multiple supports, and an additional 550 billion won in special guarantees will be supplied by the Korea Technology Finance Corporation to export SMEs in promising future sectors.

Core display technologies will be designated as national advanced strategic technologies to promote private investment, and support will be provided through policy finance, research and development (R&D), workforce training, and stable supply chains. The Ministry of Trade, Industry and Energy is scheduled to announce specific strategies this week. Deputy Prime Minister Choo urged concentration of capabilities, saying, "From 2004 to 2020, we maintained the number one global market share, but competition is intensifying due to rapid advances by latecomers such as China."

Key marine products such as gim (seaweed) and abalone will be expanded and strengthened. Oysters and abalone have been newly selected as star items to support achieving $100 million in exports, while salmon, fish cakes, and seaweed, which have growth potential, have been selected as preliminary items for development. A customized strategy will be established to support commercialization through to export for star preliminary items. Through this, the goal is to achieve $4.5 billion in seafood product exports by 2027. Deputy Prime Minister Choo said, "We will develop core items such as gim and tuna, as well as star items like oysters and abalone, into large-scale export industries, and newly designate seafood export promotion zones near major ports to utilize them as export hubs."

This content was produced with the assistance of AI translation services.